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Alibaba financial Knew (a): Ali small loan Past and Present
Editor's Note: This article from Fox @ Jun raphael contribution, in the past, played a VC miscellaneous, Google also lived in brick, now worked for a management consulting firm, sustained attention to the Internet, finance and Internet banking, welcome attention to the micro-signal fantastic_fox. Internet banking concern everybody Ali small loan should not unfamiliar, this article will review the development process slightly lower Ali small loan, to correct misconceptions everyone Ali part credit. Decade of sword Ali small loan is an important part of Alibaba finance. Reviewing the development of small loans Ali, whose foundation dates back to 2002, 'integrity' of the establishment. Ali small loan Timeline, many people have painted, but here is a little summary of the next bar. Ali personally believe that the development of small loans can be divided into three stages: data accumulation period, the accumulation of experience and independent development. Air Jordan 17 ￼ data accumulation period (2002 to 2007): Ali Baba by 'integrity', Taobao and other products of the original business data accumulated, lay the foundation for small loan risk management. Ali Baba in March 2002 launched the 'integrity' service, aimed primarily at members of domestic trade. Ali hired a third party to registered members evaluate the next, the assessment results, together with members of the integrity of transactions recorded in Alibaba display online help TrustPass members gain the trust of the purchaser. In March 2004, Alibaba has launched the 'integrity' of indicators to measure the credit Air Jordan 4 Retro status of members, it has also become the basis for Alibaba credit assessment models. While the B2C side, the substantial growth of Taobao size (until 2007 when the trading volume has more than 40 billion), which Alibaba has accumulated a lot of data. Experience accumulation period (2007 to 2010): Ali Baba and the China Construction Bank, Industrial and Commercial Bank lending depth cooperation, while the establishment of credit evaluation system, database, and a series of risk control mechanisms. 2007 Ali Baba and the China Construction Bank, ICBC has cooperation were launched 'e Loan' and 'easy facility' loan products, primarily serving the small and medium business enterprise. Alibaba is equivalent to the bank's distribution channels and information provider, to help banks assess credit risks while also pull a bunch of potential borrowers, but also thinking about helping business enterprise financing to grow even further. But small electricity suppliers are mostly still not reached the threshold of the bank, CCB and ICBC reportedly did not pull particularly big one from Ali here. Then in 2008, Alibaba has launched a financing platform for network operators, venture capitalists gathered more than 2,000 people from more than 400 famous domestic and foreign venture capital institutions. These are its initial attempt in the loan sector. Independent development period (2010-present): In 2010, Alibaba began self-built small loan companies, small and micro enterprises as the main target. Alibaba in 2011 officially break the bank, the loan cooperation with ICBC, independent development. Alibaba in 2010 and 2011 has set up in Zhejiang Alibaba Microfinance Limited and Chongqing Alibaba Microfinance Limited, the registered capital was 600 million and 10 million. Ali small loan was formally established in some cities began to Taobao or Alibaba business enterprise lending. Hou Ali small loan which conducted several rounds of asset securitization project, the expansion of its line of credit. 12 years Harvest Fund subsidiary attended the Ali small loan securitization program. 13 July securitization Ali and Vanguard fund subsidiary completed by means of Noah's wealth to raise. In the same month, the securitization project with China Orient Asset Management Corporation approved, the transaction will be listed on the exchange. Ali small loan business model Ali small loan companies combined registered capital of only 16 million. According to the central bank and the China Banking Regulatory Commission jointly issued the 'on small loan company pilot guidance' money from the banking institution financing shall not exceed 50% of the registered capital. Some analyst reports or articles will be highlighted, so is tantamount to limiting the Ali small loan lending limits, it can only emit up to 16 x 1.5 = 24 million. But the fact is it really? According to public data, we can calculate the Ali small loan lending in the first half of 2013 a total of 50 billion. We do a simple division: 500 divided by 24, we can roughly calculate that a total of 2.4 billion rolled 21 times, which is the average loan period is only 1.25 weeks. Such a short credit cycle may have two explanations: first, the lending period is really very short, most businesses are just very short-term working capital loans to the former used; the second is Ali small loan lending quotas far more than 2.4 billion yuan. In addition to revolving loan, the Ali small loan loan period is generally 30 days to 12 months. Although find many stores just for short-term working capital loans, but 1.25 weeks after all too short. See the following figure! ￼ In fact, Ali small loan lending quotas far more than 2.4 billion yuan. First of all, the place where Ali small loan financial office in Hangzhou and Chongqing introduction of incentives, after certain conditions are met, from banking institutions can finance up to 100% of its net capital. Such lending Ali small loan could reach 3.2 billion yuan a. (However, this provision is said to be difficult landing, because most banks still listen to the CBRC, by 50 percent to Air Jordan 14 Retro perform) Moreover, we return to the 'guidance' Original: 'small loan companies to get into the capital from the banking institutions Balance shall not exceed 50% of its net capital. 'In other words, Ali addition to the registered capital and financing from the banks, small loans Ali also can obtain financing from other sources, such as trust financing, securitization and even listed. Although the end of 2011 China Banking Regulatory Commission had informed orally portion Trust cautious cooperation with small loans companies, but Ali still break through heavy pressure, through a trust and Shandong in 2012 (in a manner most likely way is to repurchase credit assets transfer) carried out at least twice financing. In this note, in fact, they belong to the trust Air Jordan 7 Retro banking financial institutions will also be counted in that 50 percent. As securitization (Securitization) it, where you can to pure IT industry readers under universal concept. Generalized securitization in China, there are three main ways: the central bank and the China Banking Regulatory Commission in charge of credit asset-backed securities (Collateralized loan obligation, or CLO), the Commission in charge of special asset management plan, as well as Dealers Association in charge of asset-backed notes (Asset- backed notes, or ABN). In this special asset management plan to Alibaba and Orient Securities as an example to explain: ￼ for Ali small loan, its lending is one of its assets: the loans owed to it for the money, sooner or later have to repay, but also relatively stable cash flows (lenders regularly principal and interest). So Ali small loan can help broker under the package its assets into securities sold to investors (green arrow) to get cash. This process packaged into securities that securitization. Securitization process, brokers need to set up a special purpose vehicle (Special Purpose Vehicle, or SPV) to manipulate the process. Investors can thus reap the benefits right loan product. Then returned to the bank lenders regularly principal and interest, after the brokerage and its special purpose vehicle established net of fees, it becomes a return to Nike Air Max investors (blue arrow). It should be added that, since last year, the fund can also replace the role of the subsidiary brokerage, involved in the securitization process. For example, by Harvest Fund on Ali's subsidiaries involved in asset securitization projects. Ali small loan through this Air Jordan 12 whole process of obtaining cash, which cash can be used for further lending to small electricity providers to increase lending. If Ali can continue to loan securitization, in fact, the amount of financing and did not substantially limit. However, according to 'Securities Company asset securitization business regulations,' Securitization application period up to Air Jordan 17 two months, in fact, will still limit the overall growth rate of loans. Small loan companies can even take a more extreme way - Listed! Recently Wujiang City, perch rural countryside Microfinance Limited (China Commercial Credit Inc.) listed on the Nasdaq is booming Yeah, successfully raised more than 900 million dollars, the listing of a few days the stock price is almost He doubled. (Saying this guy is only 22 employees, and this is how the English name pit father ah ......) Next 'Knew' series will Imagine coming under Ali finance, elaborate on the possibility of its development. Ali nike dunk heels repeatedly said it does not intend to apply for a banking license, which is why? It really will not develop into future bank? Unless noted, articles are original or compiled site, please indicate: articles from 36 Krypton 9:14PM 07/21/15

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